Analysis of 10-K Filing Dates & Auditor Opinion Date

By using data retrieved from MyLogIQ, we were able to compile this analysis about filing dates for annual reports with a perspective on auditor opinion date, for all public companies. This study is based on annual reports as filed in the year 2015 for FYE in 2014. We will publish updates to this report when the annual reports for the majority of the companies FYE 2015 are filed in 2016.

Summary of Findings:
• Average number of days it takes a Large accelerator to file 10-K: 55 days
• Average number of days it takes an auditor to sign off (based on audit opinion date) for large accelerated filer: 55 days
• 16% of Large companies have their FYE outside of December, yet the average number of days to file (54) is only one day less.
• Fastest filing for FYE Dec. 31, 2015 is 27 days after FYE by filer United Rentals, Inc. (Ticker: URI) and filer Schlumberger, Ltd. (Ticker: SLB), while it was 21 days for FYE Dec 31, 2014. Which was also filed by United Rentals, Inc. (TICKER: URI).
• Within 30 Days after a Dec. 31st FYE, 7 companies filed their 10-K in 2016 vs 8 for FYE 2014.
• Auditors sometimes make mistakes and send in the auditor’s report signed before the FYE of the registrant.
• Majority of the Non-Accelerated filers don’t file their XBRL along with their 10-K (in html).

Overall picture of Annual report filing for all public companies:

On average it took Large Accelerated Filer companies 55 days from the fiscal year end to the audit opinion date, coinciding exactly with the average days it took Large Accelerated Filer companies to file their 10-Ks. We see this pattern continue with the other filers as well in the following table.

No. of Days Between 2014 FYE and Opinion Date
(days taken to file 10-K with the SEC)

Large Accelerated Filers

Accelerated Filers

Non-Accelerated Filers

Smaller Reporting Companies

55 (55)

69 (69)

73 (75)

97 (99)

Only 16% of Large Accelerated Filer companies don’t have their fiscal year end date fall in December. On average, it confirms auditors need 54-55 days to review a company’s annual financials (LAF). It raises the question, how are some giants like Schlumberger, Netflix, Amazon and Facebook getting their financials audited and filed within 30 days?

Filer Status

No. of Companies

(in %)

Average No. Of Days It Takes to Publish 10-K

(FYE = Dec)

No. of Companies

(in %)

Average No. Of Days It Takes to Publish 10-K

(FYE ≠ Dec)

Large Accelerated Filers

84%

55

16%

54

Accelerated Filers

80%

68

20%

73

Non-Accelerated Filers

89%

78

11%

81

Smaller Reporting Companies

66%

96

34%

105

Detailed Analysis by Filer Status

Large Accelerated Filer:
For FYE 2014, on average it took all Large Accelerated Filer companies 55 days to publish their annual reports, regardless. Although the fiscal year end date for all of these companies vary and are spread throughout the year, 84% of them have a fiscal year end of December 31st, making it an extremely busy season for both companies and auditors. While the SEC gives Large Accelerated Filers 60 days past their fiscal year end to publish their annual reports, there are some overachievers who managed to do it in 30 days or less.

No. of Large Accelerated Filer Companies who filed within 30 days whose Fiscal Year Ends on Dec. 31, 2014 = 8
No. of Large Accelerated Filer Companies who filed within 30 days whose Fiscal Year Ends on Dec. 31, 2015 = 7

The following table shows all of the Large Accelerated Filer companies with FYE December 31st in 2014 and in 2015 who filed in half the time (30 days) of the 60-day SEC filing deadline:

Accelerated Filers:
For FYE 2014, on average it took all Accelerated Filer companies 69 days to publish their annual reports. While the SEC gives Accelerated Filers 75 days past their fiscal year end to publish their annual reports, there are some overachievers who manage to do it in half the time.

No. of Accelerated Filer Companies who filed within 38 days whose Fiscal Year Ends on Dec. 31, 2014 = 6
No. of Accelerated Filer Companies who filed within 38 days whose Fiscal Year Ends on Dec. 31, 2015 = 5

The following table shows all of the Large Accelerated Filer companies with FYE December 31st in 2014 and in 2015 who filed in half the time (38 days) of the 75-day SEC filing deadline:

Non- Accelerated Filers:
For FYE 2014, on average it took all Non-Accelerated Filer companies 75 days to publish their annual reports. While the SEC gives Non-Accelerated Filers 90 days past their fiscal year end to publish their annual reports, there are some overachievers who manage to do it in 45 days or less.

Smaller Reporting Companies:
For FYE 2014, on average it took all Smaller reporting companies 99 days to publish their annual reports, regardless. While the SEC gives Large small reporting Filers 90 days past their fiscal year end to publish their annual reports, there are some overachievers who manage to do it in 45 days or less.

Curious Public Accountant Errors:

We never thought we would find auditors making a mistake on their opinion date, but the table below shows the companies whose auditors signed off on their reports prior to the FYE. Are the auditors thinking ahead?

The following table lists the companies whose auditor reports are dated before their fiscal year end, in 2015:

Company

Filer Status

Auditor

FYE

Opinion date

CALAVO GROWERS, INC.

Large Accelerrated

ERNST & YOUNG LLP

10/31/2015

1/30/2015

CHINA YCT INTERNATIONAL GROUP, INC.

Smaller Reporting Company

PARITZ & COMPANY PA

3/31/2015

7/9/2014

REGI U S INC

Smaller Reporting Company

MALONEBAILEY LLP

4/30/2015

7/28/2014

TARSIER LTD.

Smaller Reporting Company

KCCW ACCOUNTANCY CORP

5/31/2015

9/15/2014

VERITEC INC

Smaller Reporting Company

WEINBERG & COMPANY, P.A.

6/30/2015

1/21/2015

PETRICHOR CORP.

Smaller Reporting Company

KLJ & ASSOCIATES, LLP

5/31/2015

8/20/2014

CODE NAVY

Smaller Reporting Company

YU CERTIFIED PUBLIC ACCOUNTANT, P.C.

6/30/2015

12/11/2014

PEAK PHARMACEUTICALS, INC.

Smaller Reporting Company

EIDE BAILLY LLP

9/30/2015

1/12/2015

AXIOM HOLDINGS, INC.

Smaller Reporting Company

SADLER, GIBB AND ASSOCIATES, LLC

9/30/2015

1/20/2015

INTERUPS, INC.

Smaller Reporting Company

SADLER, GIBB AND ASSOCIATES, LLC

5/31/2015

1/20/2015

Other Observations:

Another observation we have made was the number of companies who filed their XBRL on the same day as their HTML in 2014. The following table shows the number of companies who filed their XBRL and HTML on the same day based on the filer status.

Was the XBRL & HTML filed on the same day?

Filer Status

Large Accelerated Filers

Accelerated Filers

Non-Accelerated Filers

Smaller Reporting Companies

Yes

1811

1321

741

2684

No

18

42

591

171

Future Study & Follow-Up:

After completion of period end, during the month of March 2016, MyLogIQ, LLC will be releasing a study of earnings releases.